U.S. stock futures moved lower early Thursday as investors reacted to intensifying conflict in the Middle East. Oil prices again pushed above the $100-per-barrel mark after attacks on shipping near a strategic waterway south of Iran raised fears of prolonged supply disruptions. Gold prices steadied but remained pressured by inflation concerns linked to the oil surge. Meanwhile, Adobe (NASDAQ:ADBE) is scheduled to release its latest earnings, and energy giant Shell also reported results.
Futures move lower
U.S. equity futures pointed to a weaker open on Thursday after crude prices climbed back above $100 per barrel, even as governments attempted to offset disruptions caused by the war involving Iran through large releases of strategic reserves.
As of 04:10 ET, futures for the Dow Jones Industrial Average were down 218 points, or 0.5%. S&P 500 futures declined 25 points, or 0.4%, while Nasdaq 100 futures fell 93 points, also down 0.4%.
During Wednesday’s session, the Dow Jones Industrial Average closed at its lowest level of the year so far, reflecting concerns that the spike in oil prices could weigh on U.S. companies and consumer spending.
The S&P 500 finished only slightly lower, while the technology-focused Nasdaq Composite managed to post a modest gain. Market sentiment was partly supported by stronger-than-expected results from cloud computing company Oracle, which offered an upbeat outlook for demand tied to artificial intelligence data centers. U.S. consumer inflation data for February also met expectations, although the surge in oil prices has clouded the outlook for inflation going forward.
While markets remain focused primarily on the joint U.S.-Israeli assault on Iran that began more than a week ago, other issues are also influencing sentiment. These include concerns in the private credit market, continued uncertainty surrounding U.S. trade tariffs, and questions about returns from massive spending on artificial intelligence.
Oil climbs above $100
Crude prices briefly pushed back above the $100-per-barrel threshold as concerns over disrupted supply persisted while the conflict involving Iran continued to escalate across the Middle East.
At 04:05 ET, global benchmark Brent crude futures were up 4.3% at $95.92 per barrel, while U.S. West Texas Intermediate crude gained 3.8% to $90.54 per barrel.
Oil markets have experienced sharp swings in recent days, highlighting how sensitive traders are to developments in the conflict. Earlier in the week, Brent prices surged to nearly $120 per barrel, the highest level since 2022.
The central concern for energy markets is the possibility of a disruption to shipments through the Strait of Hormuz, the narrow passage south of Iran through which roughly one-fifth of global oil and gas supply moves, much of it destined for Asia and Europe.
Tanker traffic through the strait has nearly halted as the threat of Iranian attacks raises safety concerns for crews. Shipping companies have also struggled to secure insurance coverage for voyages through the region, further discouraging crossings.
Iran has intensified its attacks in the area, while the U.S. Navy has declined to escort commercial vessels through the strait. At least six ships have reportedly been struck in the past day, and Bahrain said its oil facilities had also been targeted.
These developments have occurred despite efforts by the International Energy Agency to calm markets through its largest-ever release of emergency oil reserves. The U.S. Energy Department also announced plans to release 172 million barrels from the country’s strategic petroleum reserve.
Gold stabilizes
Gold prices steadied after earlier losses in Asian trading as continued tensions in the U.S.-Israel conflict with Iran pushed energy prices higher and heightened concerns about inflation.
Spot gold rose 0.1% to $5,178.65 per ounce by 04:54 ET, while gold futures also gained 0.1% to $5,184.75 per ounce.
Bullion has continued to fluctuate within a range of roughly $5,000 to $5,200 per ounce. Analysts warn that the oil price shock could reignite inflation, potentially forcing central banks such as the Federal Reserve to reconsider expectations for near-term interest rate cuts.
Such a scenario could strengthen the U.S. dollar, which typically weighs on gold by making the metal more expensive for buyers using other currencies. The dollar index was last up about 0.2%, hovering near a two-month high.
Adobe set to release earnings
Adobe (NASDAQ:ADBE) will publish its latest quarterly results after the closing bell on Thursday, with investors closely watching how the software maker is responding to growing concerns about artificial intelligence’s impact on the sector.
Although AI was initially viewed as a potential growth driver for software companies, the rapid emergence of new tools has raised fears of disruption across the software-as-a-service industry. Investors are particularly concerned that advanced AI agents could reduce demand for services ranging from marketing platforms to data analytics.
The S&P 500 Information Technology sector, which includes Adobe, has declined by more than 3% so far this year. This marks a sharp reversal from 2025, when the index delivered a total return of 24%.
Adobe’s shares have mirrored this shift in sentiment, falling more than 18% year-to-date.
Even before these concerns intensified, Adobe had been developing its own AI strategy, integrating the technology into products such as Firefly and Adobe Express. These tools allow users to generate images and videos directly within the company’s Creative Cloud platform.
Efforts to monetize AI capabilities appear to be supporting the company’s outlook. Executives have forecast fiscal 2026 revenue and profit above Wall Street expectations, projecting annual revenue between $25.90 billion and $26.10 billion and earnings per share of $23.30 to $23.50.
Shell results
Energy major Shell (NYSE:SHEL) reported adjusted earnings of $18.5 billion for 2025, compared with $23.7 billion in 2024.
Cash flow from operating activities totaled $42.9 billion, down from $54.7 billion in the previous year. Free cash flow reached $26.1 billion, compared with $39.5 billion in 2024.
The company continued to return substantial capital to shareholders. Total distributions amounted to about $22.4 billion, including $8.5 billion in dividends and $13.9 billion in share repurchases. These payouts represented roughly 52% of operating cash flow, placing them at the upper end of Shell’s 40%–50% target distribution range.
The results were released a day after Reuters reported that Shell, the world’s largest trader of liquefied natural gas, declared force majeure on LNG cargoes it purchases from QatarEnergy and sells to customers globally. The move followed Qatar’s decision to halt production at its 77-million-tonne-per-year LNG facility and declare force majeure on shipments.
Analysts estimate Shell receives about 6.8 million tonnes per year of LNG from Qatar under supply agreements, while TotalEnergies is estimated to receive around 5.2 mtpa, according to the report.